The price of Bitcoin just dropped about 15%
The recent drop put bitcoin briefly down almost 18% from it's all time high.
Usually once an asset drops 20% from a recent high, it is said to have entered bear market territory.
Interestingly enough, bitcoin found support just before it could breach that 20% threshold.
Why the drop?
It looks to be good ol fashion profit taking as prices have shown some reluctance to charge much past $20,000.
The altcoin market had been booming over the past few days as traders likely diverisified some of their bitcoin gains and put that money to work in other coins.
LTC and Ether have been the primary beneficiaries, but many altcoins were at or near their all time highs. Including steem and sbd.
Overall the entire market cap of the cryptocurrency space still stands around $600 billion. A level it breached for the first time yesterday.
Sadly, steem is only sitting at #34 of the largest crypto market cap list. Worth about half of what bitshares is currently worth and 1/10th of what EOS is worth.
Things that make you go.... ugh.
Stay informed my friends.
*By the time I've finished writing this, bitcoin has already rallied about $600 off of those lies. The dips are still being bought fast folks.
Follow me: @jrcornel
This is the most beautiful thing I've seen in a long time. I've been wanting to BTFD for some time.
Eh... if anything we need this retrace (if you can call it a retrace) to build a solid foundation going into 2018
Yea, a correction before the new year makes sense. Positioning into new altcoin project for 2018 myself.
which means now is the time to buy bitcoins
as the bitcoins are droping
That didnt stike my mind at first, yea, the perfect time to buy some but still doesnt want to risk a very high amount in my very early ages!
There are news that the BitCoin will be $ 100,000 in 2018 . You can follow me for BitCoin news
And you believe that forecast?
Lol $100,000 for one bitcoin is nothing but hype feeding
LOL ikr?
lol, unfortunately, if the hype turned real, all the Bitcoin millionaires will become Trillionaires!
BTC still dropping. Around $17100 right now. Profit taking to be expected.
Consolidation 📉!!
It's like the wild west of currency
Such a good analogy
I should buy some steem on the next bitcoins all time high. steem will take off very soon
I'm sure Steem will move from # 34 to # 20 or even up to # 15
Because the Steem chart is starting to grow.
Agree, steem is undervalued.
That is sad about Steem at #34. Great time to load up. The Bitcoin market was pumped up for the futures debut. It will find some steady ground soon. Although I think some of the other projects will start to steal market cap. I don't think Bitcoin will go away but it's power will be significantly diluted in the upcoming months. Congrats to the followers that held out to this point.
It would be great to buy a little more, but the fees are insanely high atm!..
don't worry hold bitcoin.....